Gaming giant Wynn Resorts exceeded Wall Street profit forecasts for the first quarter on Thursday, fueled by robust performance at its casino operations in Macau.
The Las Vegas-based company reported that adjusted earnings from its Macau properties climbed more than 10% during the quarter. Wynn operates two major casino resorts in the Chinese territory – Wynn Palace and Wynn Macau – alongside its Las Vegas properties.
Wynn’s adjusted earnings reached $1.25 per share, surpassing analyst projections of $1.18 per share based on LSEG data. The company also recorded a 9.2% increase in total operating revenues for the quarter.
Chief Executive Officer Craig Billings noted the company is “closely monitoring the broader situation in the Gulf region” due to ongoing Middle East conflicts. This comes as Wynn recently restarted construction on its integrated resort project in the United Arab Emirates last month after a brief suspension.
Following the earnings announcement, Wynn’s stock price showed modest gains in after-hours trading sessions.
